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. - I <br />October 23, 1987 <br />I <br />TO: Jim Andre �� <br />I �l, <br />FROM: Craig Waldron <br />SUBJECT: KAUFHOLD PURCHASE REEMENT <br />cc: Bob Bierscheid <br />Attached is a copy of the Purchase Agreement relating to the <br />Lexington School site that I obtained from Dr. Worner. I have <br />highlighted the salient elements of the contract. <br />I think it should be noted that this is an extremely "soft" <br />Purchase Agreement, in that it allows the purchaser to extend the <br />closing date to August 1, 1988. In addition, the developer could <br />walk away from the deal before March 1, 1988, and only experience <br />a $15,000 loss. <br />I also find it somewhat frustrating that Kaufhold can 1-ie up the <br />property PurchaseAgreementforlessthanfivepercentof <br />mAeftafthe ftaa <br />effectua- <br />tion of thehe <br />land deal in excess of $1 million. <br />Attch. <br />